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In this article, Stephen Fishman explains that under the new tax bill many nonprofits will likely be liable for additional taxes for unrelated business activity. Previously, nonprofits that operated multiple unrelated business activities could deduct the losses from the one business activity from the profits of another business activity in determining the total amount of net unrelated business income subject to unrelated business income tax. Under the tax reform bill, nonprofits cannot cross apply losses in this manner. This will likely result nonprofits having to pay more unrelated business income tax. The new bill also makes private colleges and universities with at least 500 students and endowments worth at least $500,000 per full-time student subject to a 1.4% excise tax on their net investment income. To learn more about the other changes in the new tax reform, click here: https://www.nolo.com/legal-encyclopedia/gop-tax-bill-and-impact-on-nonprofits.html